NOW Inc. (DNOW) Balance Sheet

NYSE: DNOWAssets, liabilities, debt and equity over 10 years.

DNOW balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.92B assets = $1.69B liabilities + $2.24B equity

Both columns are drawn to the same scale: what DNOW owns equals what it owes plus shareholders’ equity. Hover a block for its value.

DNOW financial health

Current ratio2.34

Comfortable · current assets cover current liabilities 2.34×

Debt / equity0.26

Low leverage · $0.26 of debt for each $1 of equity

Equity / assets57.0%

Equity-funded · of assets funded by shareholders

Cash / debt28.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles30.1%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

DNOW balance sheet trends, 2016–2025

NOW Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.60B2016	$3.92B2025	+10.5%/yr
Total liabilities	$420.0M2016	$1.69B2025	+16.7%/yr
Shareholders’ equity	$1.18B2016	$2.24B2025	+7.3%/yr
Cash & short-term investments	$106.0M2016	$164.0M2025	+5.0%/yr
Total debt	$138.0M2016	$585.0M2025	+17.4%/yr
Net cash (debt)	−$32.0M2016	−$421.0M2025	−$389.0M
Working capital	$612.0M2016	$1.30B2025	+$692.0M
Book value per share	$11.062016	$18.972025	+6.2%/yr
Current ratio	2.762016	2.342025	−0.42
Debt / equity	0.122016	0.262025	+0.14
Shares outstanding	107.0M2016	118.0M2025	+1.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

DNOW assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

DNOW liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

DNOW debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

DNOW balance sheet

NOW Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$164.0M	$256.0M	$299.0M	$212.0M	$313.0M	$387.0M	$183.0M	$116.0M	$98.0M	$106.0M
Cash & equivalents	$164.0M	$256.0M	$299.0M	$212.0M	$313.0M	$387.0M	$183.0M	$116.0M	$98.0M	$106.0M
Short-term investments	—	—	—	—	—	—	—	—	$0	$0
Receivables	$874.0M	$388.0M	$384.0M	$398.0M	$304.0M	$198.0M	$370.0M	$482.0M	$423.0M	$354.0M
Inventory	$1.19B	$352.0M	$366.0M	$381.0M	$250.0M	$262.0M	$465.0M	$602.0M	$590.0M	$483.0M
Other current assets	$48.0M	$32.0M	$19.0M	$26.0M	$16.0M	$14.0M	$49.0M	$19.0M	$18.0M	$16.0M
Total current assets	$2.28B	$1.03B	$1.07B	$1.02B	$883.0M	$861.0M	$1.07B	$1.22B	$1.13B	$959.0M
Property, plant & equipment (net)	$424.0M	$157.0M	$171.0M	$119.0M	$111.0M	$98.0M	$176.0M	$106.0M	$119.0M	$143.0M
Goodwill & intangible assets	$1.18B	$295.0M	$167.0M	$141.0M	$76.0M	$0	$335.0M	$458.0M	$494.0M	$495.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$40.0M	$141.0M	$123.0M	$43.0M	$34.0M	$49.0M	$13.0M	$12.0M	$7.0M	$6.0M
Total assets	$3.92B	$1.62B	$1.53B	$1.32B	$1.10B	$1.01B	$1.59B	$1.79B	$1.75B	$1.60B
Liabilities
Accounts payable	$653.0M	$300.0M	$288.0M	$304.0M	$235.0M	$172.0M	$255.0M	$329.0M	$290.0M	$246.0M
Short-term debt	$45.0M	$13.0M	$11.0M	$13.0M	$15.0M	$22.0M	$28.0M	$14.0M	$84.0M	$73.0M
Deferred revenue	$50.0M	$31.0M	$28.0M	$33.0M	$27.0M	$19.0M	$34.0M	$29.0M	$19.0M	$27.0M
Total current liabilities	$974.0M	$442.0M	$418.0M	$439.0M	$369.0M	$272.0M	$396.0M	$441.0M	$394.0M	$347.0M
Long-term debt	$411.0M	$0	$0	$0	$0	$0	$10.0M	$132.0M	$162.0M	$65.0M
Lease obligations	$174.0M	$42.0M	$41.0M	$38.0M	$32.0M	$25.0M	$55.0M	—	—	—
Other long-term liabilities	$301.0M	$51.0M	$48.0M	$37.0M	$23.0M	$37.0M	$41.0M	$8.0M	$8.0M	$8.0M
Total liabilities	$1.69B	$493.0M	$466.0M	$476.0M	$392.0M	$309.0M	$447.0M	$581.0M	$564.0M	$420.0M
Shareholders' equity
Common stock & paid-in capital	$2.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$2.02B	$2.00B
Retained earnings (deficit)	−$836.0M	−$747.0M	−$828.0M	−$1.07B	−$1.20B	−$1.21B	−$775.0M	−$678.0M	−$730.0M	−$678.0M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$126.0M	−$153.0M	−$145.0M	−$150.0M	−$147.0M	−$145.0M	−$128.0M	−$143.0M	−$105.0M	−$142.0M
Minority interest	$5.0M	$4.0M	$3.0M	$2.0M	—	—	—	—	$0	$0
Total shareholders' equity	$2.24B	$1.12B	$1.06B	$842.0M	$711.0M	$699.0M	$1.14B	$1.21B	$1.19B	$1.18B
Key figures
Total debt	$585.0M	$42.0M	$41.0M	$38.0M	$32.0M	$47.0M	$72.0M	$146.0M	$246.0M	$138.0M
Net cash (debt)	−$421.0M	$214.0M	$258.0M	$174.0M	$281.0M	$340.0M	$111.0M	−$30.0M	−$148.0M	−$32.0M
Working capital	$1.30B	$586.0M	$650.0M	$578.0M	$514.0M	$589.0M	$671.0M	$778.0M	$735.0M	$612.0M
Tangible book value	$1.06B	$829.0M	$893.0M	$701.0M	$635.0M	$699.0M	$809.0M	$756.0M	$691.0M	$688.0M
Book value per share	$18.97	$10.49	$9.78	$7.57	$6.43	$6.39	$10.52	$11.14	$11.00	$11.06
Shares outstanding	118.0M	107.1M	108.4M	111.2M	110.5M	109.4M	108.8M	109.0M	107.7M	107.0M
Current ratio	2.34	2.33	2.56	2.32	2.39	3.17	2.69	2.76	2.87	2.76
Quick ratio	1.07	1.46	1.63	1.39	1.67	2.15	1.40	1.36	1.32	1.33
Debt / equity	0.26	0.04	0.04	0.05	0.05	0.07	0.06	0.12	0.21	0.12
Equity / assets	57.0%	69.3%	69.3%	63.8%	64.4%	69.3%	71.9%	67.6%	67.8%	73.8%

NOW Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$114.0M	$116.0M	$164.0M	$266.0M	$232.0M	$219.0M	$256.0M	$261.0M	$197.0M	$188.0M	$299.0M	$194.0M
Cash & equivalents	$114.0M	$116.0M	$164.0M	$266.0M	$232.0M	$219.0M	$256.0M	$261.0M	$197.0M	$188.0M	$299.0M	$194.0M
Receivables	$889.0M	$889.0M	$874.0M	$429.0M	$440.0M	$439.0M	$388.0M	$405.0M	$403.0M	$410.0M	$384.0M	$396.0M
Inventory	$1.06B	$1.19B	$1.19B	$377.0M	$383.0M	$385.0M	$352.0M	$364.0M	$399.0M	$428.0M	$366.0M	$415.0M
Other current assets	$52.0M	$52.0M	$48.0M	$24.0M	$25.0M	$24.0M	$32.0M	$28.0M	$24.0M	$19.0M	$19.0M	$28.0M
Total current assets	$2.12B	$2.25B	$2.28B	$1.10B	$1.08B	$1.07B	$1.03B	$1.06B	$1.02B	$1.04B	$1.07B	$1.03B
Property, plant & equipment (net)	$405.0M	$422.0M	$424.0M	$149.0M	$153.0M	$155.0M	$157.0M	$138.0M	$139.0M	$137.0M	$131.0M	$130.0M
Goodwill & intangible assets	$1.26B	$1.22B	$1.18B	$295.0M	$297.0M	$293.0M	$295.0M	$247.0M	$249.0M	$251.0M	$167.0M	$169.0M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$38.0M	$40.0M	$40.0M	$120.0M	$131.0M	$136.0M	$141.0M	$144.0M	$152.0M	$161.0M	$163.0M	$44.0M
Total assets	$3.82B	$3.93B	$3.92B	$1.66B	$1.66B	$1.65B	$1.62B	$1.59B	$1.56B	$1.59B	$1.53B	$1.38B
Liabilities
Accounts payable	$711.0M	$662.0M	$653.0M	$305.0M	$318.0M	$329.0M	$300.0M	$278.0M	$278.0M	$339.0M	$288.0M	$301.0M
Short-term debt	$48.0M	$48.0M	$45.0M	$13.0M	$13.0M	$13.0M	$13.0M	$13.0M	$12.0M	$12.0M	$11.0M	$11.0M
Deferred revenue	$73.0M	$51.0M	$50.0M	$22.0M	$27.0M	$33.0M	$31.0M	$36.0M	$34.0M	$30.0M	$28.0M	$30.0M
Total current liabilities	$991.0M	$929.0M	$974.0M	$435.0M	$455.0M	$460.0M	$442.0M	$417.0M	$412.0M	$462.0M	$418.0M	$423.0M
Long-term debt	$474.0M	$571.0M	$411.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$157.0M	$166.0M	$174.0M	$38.0M	$41.0M	$41.0M	$42.0M	$44.0M	$44.0M	$45.0M	$41.0M	$28.0M
Other long-term liabilities	$253.0M	$284.0M	$301.0M	$40.0M	$45.0M	$47.0M	$51.0M	$52.0M	$52.0M	$53.0M	$48.0M	$46.0M
Total liabilities	$1.72B	$1.78B	$1.69B	$475.0M	$500.0M	$507.0M	$493.0M	$469.0M	$464.0M	$515.0M	$466.0M	$469.0M
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M	$2.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	−$901.0M	−$880.0M	−$836.0M	−$675.0M	−$700.0M	−$725.0M	−$747.0M	−$770.0M	−$783.0M	−$807.0M	−$828.0M	−$975.0M
Accumulated other comprehensive income	−$131.0M	−$126.0M	−$126.0M	−$145.0M	−$142.0M	−$150.0M	−$153.0M	−$141.0M	−$151.0M	−$149.0M	−$145.0M	−$150.0M
Minority interest	$5.0M	$5.0M	$5.0M	$3.0M	$5.0M	—	—	—	—	—	—	—
Total shareholders' equity	$2.10B	$2.14B	$2.24B	$1.18B	$1.16B	$1.14B	$1.12B	$1.11B	$1.09B	$1.08B	$1.06B	$904.0M
Key figures
Total debt	$631.0M	$737.0M	$585.0M	$38.0M	$41.0M	$41.0M	$42.0M	$44.0M	$44.0M	$45.0M	$41.0M	$39.0M
Net cash (debt)	−$517.0M	−$621.0M	−$421.0M	$228.0M	$191.0M	$178.0M	$214.0M	$217.0M	$153.0M	$143.0M	$258.0M	$155.0M
Working capital	$1.13B	$1.32B	$1.30B	$661.0M	$625.0M	$607.0M	$586.0M	$641.0M	$611.0M	$583.0M	$650.0M	$610.0M
Tangible book value	$842.0M	$928.0M	$1.06B	$887.0M	$859.0M	$846.0M	$829.0M	$867.0M	$846.0M	$825.0M	$893.0M	$735.0M
Book value per share	$11.53	$11.52	$14.44	$11.15	$10.91	$10.64	$10.50	$10.41	$10.14	$10.02	$9.91	$8.36
Shares outstanding	182.0M	186.0M	155.0M	106.0M	106.0M	107.0M	107.0M	107.0M	108.0M	107.3M	107.0M	108.1M
Current ratio	2.14	2.42	2.34	2.52	2.37	2.32	2.33	2.54	2.48	2.26	2.56	2.44
Quick ratio	1.01	1.08	1.07	1.60	1.48	1.43	1.46	1.60	1.46	1.29	1.63	1.39
Debt / equity	0.30	0.34	0.26	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Equity / assets	55.0%	54.6%	57.0%	71.2%	69.6%	69.0%	69.3%	70.2%	70.1%	67.5%	69.3%	65.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

DNOW financial position

At the end of fiscal 2025 (December 31, 2025), NOW had total assets of $3.9 billion (up 142.1% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $2.2 billion. It held $164.0 million in cash and short-term investments against $585.0 million of debt, net debt of $421.0 million. Its current ratio was 2.34. In the latest quarter (ended June 30, 2026) total assets were $3.8 billion and equity $2.1 billion.

Related: DNOW income statement, DNOW cash flow statement, DNOW key metrics. See the DNOW stock overview for the latest quote and news.

DNOW balance sheet FAQ

What are NOW's total assets?

NOW reported total assets of $3.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.6 billion a year earlier.

How much debt does NOW have?

NOW had $585.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.26.

How much cash does NOW have?

NOW held $164.0 million in cash and short-term investments at the end of fiscal 2025; with $585.0 million of debt that is net debt of $421.0 million.

What is NOW's book value?

NOW's shareholders' equity (book value) was $2.2 billion at the end of fiscal 2025, or $18.97 per share.

What is NOW's current ratio?

NOW had current assets of $2.3 billion and current liabilities of $974.0 million, a current ratio of 2.34 (it can cover its short-term obligations).

How much goodwill does NOW have?

NOW carried $1.2 billion of goodwill and intangible assets, 30.1% of total assets, at the end of fiscal 2025.